Progress Energy Canada Ltd. has changed its name to PETRONAS Energy Canada Ltd. (PETRONAS Canada), effective November 22. PETRONAS is Malaysia's fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500. PETRONAS entered Canada as part of a joint venture with Progress Energy in 2010, and Progress Energy became a subsidiary of PETRONAS in 2012.
"The name change is a reflection of our parent company's commitment to Canada and the strength of our business in the company's overall portfolio," says Mark Fitzgerald, President & CEO of PETRONAS Canada. "As part of such a progressive global entity for the past six years, we are extremely proud to be PETRONAS in name as well."
With one of the largest natural gas resources in North Montney, northeast B.C., PETRONAS Canada is well-placed to implement key strategies for business growth and is focused on obtaining access to market hubs across North America as well as participation in LNG and petrochemical projects.
PETRONAS Canada is well-positioned to provide global markets relying on emission-intensive hydrocarbons, such as coal, with clean, responsibly developed Canadian energy as a result of its dominant position in the North Montney.
"With the energy transition that's underway, there is significant opportunity in front of us for Canada to be a leader in reducing greenhouse gas emissions in countries around the world, while we also reduce emissions here at home," says Fitzgerald. "We want to be at the forefront of that."